Dan Gingert

U.S. December existing home sales came in at 4.24M, slightly above expectations of 4.19M, marking the strongest pace since February 2024. Sales rose 2.2% month-over-month but are up 9.3% year-over-year. However, 2024 annual sales fell to their lowest in nearly 30 years. Median home prices increased 6.0% y/y, while inventory dropped to 3.3 months from 3.8 months prior. Momentum may face pressure from high mortgage rates.